There’s no way you haven’t heard about “Web3” or “web3 platform” if you work in the technology industry. The recent emergence of various Web 3 Platforms like MetaSky, has raised a curiosity on the future of the internet. The web we use and interact with now is a far cry from what it was ten years ago. This change is only going to accelerate, with Web3 appearing to be the next logical stage.
Web 3, also known as “Web 3.0” or “Net 3,” is gaining traction, particularly among crypto enthusiasts. In the final weeks of 2021, cryptocurrency enthusiasts, large technology enterprises, and venture capital firms engaged in a fierce dispute regarding the future of Web 3.
When people talk about Web 3.0 or Web 3, they’re referring to a version of the internet that’s decentralized, free, and, most crucially, free of Big Tech’s grip.
Fun fact: In 2021, Big Tech was responsible for 57 percent of all internet traffic (Google, Netflix, Facebook, Apple, Amazon, and Microsoft).
Here’s what you need to know to figure out what all the fuss is about. In this post, we’ll deconstruct the Web3 notion. So, let’s get started.
What exactly is a Web 3 Platform?
(Image source: Instagram)
We are at the dawn of a new era, Web 3.0. Web 3.0, like Web 2.0, begins with an abstract concept of exchanging information over an open network and progresses to a more fair and transparent internet. As a result, Web 3 platforms are frequently linked to blockchain technology.
It will resemble a “web of data” that will be able to understand, combine, and automatically interpret data to present users with a far more enriched and interactive experience. However, such platforms are on the decentralized web that would challenge the tech giants’ supremacy by concentrating power (and data) in the hands of users rather than companies.
What distinguishes Web 3.0 from previous versions?
Web 3’s most important benefit is that it aims to solve the most serious problem that has resulted from Web 2: private networks collecting consumer data, which then can be sold to marketers or be stolen by hackers.
As a decentralized network, Web 3 is not controlled by any one entity, and the applications (apps) built on top of it are open as well.
What are the essential elements of Web 3?
In general, the internet we have now is simply an enhanced version of the internet we had in 2010. Web3, on the other hand, signifies a significant shift in how we use and interact with the internet.
Based on everything we’ve covered thus far, Web3 is the next decentralized internet era, in which consumers can acquire whatever internet service they want without any intrusion into their privacy or control from third-party internet service providers.
Now, let’s talk about Web3’s essential components.
Blockchain and Web 3.0: What’s the connection?
As previously stated, blockchain technology serves as the backbone for Web3. Data is decentralized using a blockchain network, so users control their data and can exchange it without losing ownership. The data is not in danger of being breached and no third parties are involved. Furthermore, it provides a secure method of logging into several services.
Furthermore, blockchain is required for bitcoin, which is another crucial Web3 component. A blockchain technology underpins Web3 transactions, which use non-fungible tokens (NFTs).
Artificial intelligence (AI):
Even though Web 2.0 has its version of artificial intelligence (AI), it is still largely dominated by large tech firms. We’ll see AI being used to encourage decentralization in Web 3.0.
AR/VR (augmented reality/virtual reality)
AR/VR is another vital component of Web3 since it will serve as the foundation for the metaverse, which is crucial for Web3’s future. At the end of this article, we’ll go through the metaverse in further detail.
What is the purpose of Web 3.0?
We lose control of our data when we use the Internet, as copies of our data are produced and kept on servers operated by companies such as Google and Facebook. The fact that our data is stored by third parties isn’t inherently a bad thing; nevertheless, when a single company oversees the entire process, things can quickly spiral out of control.
Do we want a society where the information you offer can be misused due to avarice or pure malice? This goes much beyond privacy; rather, control is at the heart of our predicament. Daily, we give organizations and individuals control over petabytes of data with no apparent option.
We will continue to sign up for apps with our information even after reading this post for the sake of convenience. The technology has the advantage of being able to do so, after all.
In this context, blockchain appears to be a driving force behind the next-generation Internet, as it offers three primary remedies to Web 2.0’s shortcomings:
Security & Privacy
The construction of a better web, which utilizes the most recent cryptographic technologies, will enable Internet users to keep their personal information secure, not under the snooping eyes of governments or other organizations.
As long as large data can be separated into smaller bits, each of them can be encrypted individually and stored at different places, ensuring that decentralized storage can be achieved. There are several protocols and systems which are similar to IPFS that are structured so that they could be breached by hacking into several systems throughout the world simultaneously, each with its own set of security features.
Identity and Reputation
We are not alone in our concern about how all this anonymity will affect trust and reputation online. Our digital identities are already created from the information we share on social media and other websites and they are already part of the internet. On the new web, we constantly have to manage and update that information, which is constantly changing because it does not belong to us.
Is Web 3 the internet’s future?
So far, it’s simple to believe that Web3 can fill in the gaps left by Web 2.0 and bring solutions to the problems it’s caused. It’s worth emphasizing, though, that most of the aspects of Web 3.0, as the future of cryptocurrencies, are ideal visions that have yet to materialize. With this in mind, one cannot expect everything to go according to plan.
Although the move from web 1.0 to web 2.0 took over ten years. As a result, Web 3.0 is projected to take equally as long, if not longer, to completely implement.
Web3 cannot, therefore, be viewed as the perfect future of the internet. However, many people, particularly those in the crypto industry, believe that there will be an emergence of various other Web 3 Platforms.